Numerous applications exist that require forming openings in pipe walls, for example when installing interconnecting conduits or liquid flow lines, and particularly to existing pipe runs. Hole saws are known in the art which are typically attached to a powered drill. However, it is very difficult to accurately position or create an opening in a pipe wall using a hole saw due to the circumferential shape of the pipe and problems in maintaining a desired orientation between the drill and the pipe during hole formation. Although various jigs, mounting assemblies, and tools having been proposed in the past, a need remains for a device that enables formation of holes in pipes in an accurate, reliable, and easy to use fashion.